Thain could still be LSE’s white knight

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The NYSE is eager to bed down its proposed deal with Euronext, the European exchanges operator, and that, he expects, will take a year

Over breakfast yesterday, John Thain, the chief executive of the New York Stock Exchange (NYSE), waxed theoretical about the benefits of a merger with the London Stock Exchange (LSE).

Mr Thain was clear that he had no plans to pursue a tie-up with London “for now”. The NYSE is eager to bed down its proposed deal with Euronext, the European exchanges operator, and that, he expects, will take a year. Twelve months from now, though, the logic of Mr Thain’s argument for merging the number one listing business in the world (New York) and the number two (London) will surely